iBankCoin
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Joined Apr 1, 2010
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Intraday Look and Analysis: How Much Heat are the Bulls Packing?

The 5-minute SPY chart below indicates that we are basing just under this morning’s highs. Although the major indices are mixed with a slight bullish bias, there are indeed some decent pockets of momentum today. I suspect the close will shed some light on just how heavy the artillery is that the bulls are bringing to this fight. While I am still treading very lightly, I am open to the idea of the market improving. The low-1340’s up through 1360 on the S&P 500 is the big battleground area, to my eye. So far, there has been no violent rejection.

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3 comments

  1. jason

    Thanks Chess. Do you guys think the market is in wait n see mode prior to FOMC announcement or is this the kind of market action we can expect for the time being?

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  2. Anton

    I’ve changed my haircut since that photo, btw.

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